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Levi & Korsinsky, LLP has commenced an investigation into the fairness of the sale of Teekay Offshore Partners L.P. (“Teekay” or the “Company”) (NYSE: TOO) to Brookfield Business Partners L.P. and certain of its affiliates and institutional partners (collectively, “Brookfield Consortium”). Under the terms of the deal, the Brookfield Consortium will acquire by merger all of the outstanding publicly held common units representing limited partner interests of Teekay not already held by the Brookfield Consortium in exchange for $1.55 in cash per common unit.
The Teekay merger investigation concerns whether the Board of Teekay breached their fiduciary duties to stockholders by failing to adequately shop the Company before agreeing to enter into this transaction, and whether Brookfield Consortium is underpaying for Teekay shares, thus unlawfully harming Teekay shareholders.
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